Fires and explosions top causes for global corporate insurance spend: report

Fire and explosions lead to the largest claims for insurers and the businesses they cover, and the Asia-Pacific region is seeing growing exposure to business claims, a recent report from Allianz showed. The findings were revealed by Allianz Global Corporate & Specialty (AGCS), a dedicated corporate and specialty insurance business, in its latest global claims review. Around 470,000 claims from over 200 countries over the past five years were looked into, totaling approximately 58 billion euro (US$66.5 billion). The research indicated that over three-quarters of financial losses globally arise from 10 major causes, with damage caused by fires and explosions, aviation incidents, faulty workmanship or maintenance, and storms accounting for more than half.